The euro against the dollar, trading at 1,288 from 1,293 yesterday evening, weakens. Gold, which has climbed back to 1.615, is strengthening. The woes of old Europe, from the Cypriot crisis to signs of fatigue of the German locomotive, are weighing on the Stock Exchanges: the FtseMib index loses 0,5%, to 15935 .
The other Stock Exchanges did worse: London -0,69%, Paris -1,43%, Frankfurt -0,87%. The US Stock Exchange retreats after yesterday's rise which pushed the S&P500 index back to near all-time highs. The major Wall Street index is down 0,4% today and the Dow Jones is down 0,2%.
On the Stock Exchange, the sectors most affected by sales are those most linked to the economic cycle: the European Stoxx index for the automotive sector drops by 2,3%, construction -1,5%. The 6-year Btp/Bund spread drops by 317 basis points to 27. Between Italy and Spain, the differential closes at around 1.000 basis points. Greece's XNUMX-year spread is back below the psychological threshold of XNUMX basis points.
Good news has arrived for Spain: the Treasury went on the market with the aim of placing 4 billion euros of bonds and placed 4,5 billion with yields decreasing compared to previous auctions especially on the shorter part of the curve: 2015 bond yield to 2,275% from 2,54%.
In Milan, Fiat fell by 2,47%, Fiat Industrial -0,87%, Pirelli -1,27%. The declines of the German Volkswagen -2,7% and Daimler -2,3% are decidedly more marked. Among the industrial stocks, strong decrease of StM -2,2%, while Finmeccanica gains 1,6%. Sharp decline of Parmalat, -3,8%.
Luxury stocks are down: Ferragamo -2,07%, Tod's -1,8%, Luxottica +0,96%. In Paris, Lvmh falls by 2,2%. The banks countered: Unicredit, -1,09%, and MontePaschi, -0,6% fell, Intesa, +0,58%, and Ubi, +2,34% rose. Bpm marks +1,63%.
Among the insurance companies, a sharp fall for Unipol -2,4%, Generali falls by 0,47%. Bad day for asset management securities: Mediolanum -3,81%, Azimut -2,6%. Telecom Italia loses 1,53%, Enel drops by 0,45%. Prelios runs among the medium-small companies, +6%, pending the announcement of the agreement with the banks for the restructuring of the debt.
